Thursday, July 20, 2017

Thursday roundup (07-20-2017)

The sheer scale of Italy's debt threatens global GDP (The Business Insider)

[In the United States,] Republicans lament an agenda in 'quicksand': GOP lawmakers’ mood is darkening as the August recess approaches and they’ve made little progress on their priorities. (Politico)

House GOP leaders face uphill budget battle: Republicans are far from the votes to pass a budget, which would seriously undermine their tax reform push. (Politico)

Senate GOP has only bad options on health care (Axios) Conservatives furious and plotting revenge for health-care fail (The Washington Post) Senate GOP’s latest health care push sputters: Even after a positive White House meeting, Republicans appear unlikely to find the votes to repeal Obamacare. (Politico)

Social Security is running out of money and time [Editorial] (The Chicago Tribune)

ExxonMobil has been fined for an 'egregious' violation of Russia sanctions while Tillerson was CEO (The Business Insider) Exxon sues U.S. over fine levied for Russia deal under Tillerson (Reuters)

Trump ends covert CIA program to arm anti-Assad rebels in Syria, a move sought by Moscow
(The Washington Post)

How the GOP Became the Party of Putin: Republicans have sold their souls to Russia. And Trump isn’t the only reason why. (Politico)

Big German Bank, Key to Trump’s Finances, Faces New Scrutiny
(The New York Times)

Trump’s Fury Erodes His Relationship With Sessions, an Early Ally (The New York Times) The humiliation of Jeff Sessions (FoxNews) Sessions plans to 'continue' as attorney general, despite Trump's expressing regret over nomination (ABCNews) NYT's Trump interview 'was an ongoing negotiation' (CNNMoney) Yes, Trump’s Attacks on His Justice Department Are a Huge Problem (NBCNews)

The Inadvisable President: Donald Trump is an impossible boss, demanding absolute personal loyalty—even when it conflicts with the law or other key principles—and offering little faithfulness in return. (The Atlantic)

[Former Trump Campaign Manager] Manafort Was in Debt to Pro-Russia Interests ["by as much as $17 million"], Cyprus Records Show (The New York Times)

Mueller Expands Probe to Trump Business Transactions (Bloomberg)

Here’s the Chain Reaction Trump Could Set Off by Trying to Fire Mueller (Bloomberg)



When McCain ran against Obama, he went out of his way to defend him as a 'decent person' (The Business Insider) (Youtube)



Top State cyber official to exit, leaving myriad questions (Politico)

Connecticut Sinks Deeper in Debt (Bloomberg)

State [of Alaska], municipalities face higher borrowing costs from falling credit ratings (KTOO)

     The aim of this blog is to show (mostly from reports in mainstream respected news sources) that there is reason to believe that both the United States and the global economies remain fragile in the wake of the financial crisis of 2008 and that a number of threats exist today that could, if they worsened, bring about economic depression -- not just a minor depression, but a depression worse than the Great Depression. Key threats include excessive risk-taking by financial firms, unchecked by effective regulation; the continued existence of "too big to fail" institutions; and most especially, the amassing of levels of public and private debt which could become unsustainable.

Is it a recovery yet? (Weekly report, 07-20-17)

A recovery would be indicated by weekly initial jobless claims holding below 500,000, according to Linda Duessel, market strategist at Federated Investors in Pittsburgh. (Reuters)

IT'S A RECOVERY! (And it has been a recovery for every week since the Nov. 25, 2009 report, with the exception of the Aug. 19, 2010 report.)

"Initial jobless claims in the period running from July 9 to July 15 fell by 15,000 to a seasonally adjusted 233,000, the Labor Department said Thursday. That matches the second-lowest level since the 2007-09 recession." (Marketwatch)

SEE LAST WEEK'S POST HERE.

     The aim of this blog is to show (mostly from reports in mainstream respected news sources) that there is reason to believe that both the United States and the global economies remain fragile in the wake of the financial crisis of 2008 and that a number of threats exist today that could, if they worsened, bring about economic depression -- not just a minor depression, but a depression worse than the Great Depression. Key threats include excessive risk-taking by financial firms, unchecked by effective regulation; the continued existence of "too big to fail" institutions; and most especially, the amassing of levels of public and private debt which could become unsustainable.

Wednesday, July 19, 2017

Wednesday roundup (07-19-2017)

EUROZONE WARNING: Now fears for IRELAND’S economy as shock figures show nation on brink: IRELAND’S economy is loaded with more debt and [an economy] MUCH smaller than previously thought, shock figures reveal. (The Express)

Eurozone crisis: Italy’s Five Star Movement DEMANDS referendum on future of euro: THE Eurozone could be in crisis after an anti-European Union party in Italy insisted it was still pushing for a referendum on the future of the euro. (The Express)

[In the United States,] As Paperwork Goes Missing, Private Student Loan Debts May Be Wiped Away (The New York Times blogs)

Krauthammer rips GOP's 'epic fail' on healthcare (The Hill) 'This Is Historic': Krauthammer Calls GOP Health Care Effort 'An Epic Fail' (FoxNewsInsider) (Youtube)



How the Senate Health Care Bill Failed: G.O.P. Divisions and a Fed-Up President (The New York Times) Trump aides move on after health care loss: As the president's biggest agenda item tanked on the Hill, his senior advisers busied themselves with their pet projects – and looked ahead to tax reform. (Politico) The Disturbing Process Behind Trumpcare: The development of the Republican health-care bill offers a troubling picture of our legislative system. (The Atlantic)

After Trump scolding, Senate to try again on ObamaCare repeal and replace (The Hill) Health Care: Pres. Trump Hosts GOP Senators at White House: Facing criticism and increased pressure to follow through on seven years of repeal promises, Pres. Trump gathered GOP senators at the White House to discuss what to do next. (NBC Nightly News) (Youtube)



GOP repeal foes face blowback: Angry conservatives promise primary challenges. (Politico)

Republicans divided on debt ceiling strategy (Politico)

Tax reform becomes a must-win issue for the White House: With health care reform on ice, Trump moves on to taxes -- but Republicans aren't unified on a policy approach for that, either. (Politico) Trump targeting corporate tax rate ‘in the 20s’: A rate in the 20s has become a prevailing view among a number of senior officials and advisers, a White House official said. (Politico)

Trump’s priorities in funding and cutting are keenly felt by federal workforce (The Washington Post)

Citing Recusal, Trump Says He Wouldn’t Have Hired Sessions (The New York Times)

Supreme Court lets Trump administration reinstate travel ban restrictions on refugees but not on grandparents (The Los Angeles Times) Trump’s wall: The inside story of how the president crafts immigration policy (The Washington Post)

Sen. John McCain has brain cancer, aggressive tumor surgically removed (CNN)

CSX planning up to 700 additional layoffs (WTLV)

Give Us Back Google News Classic Design #googlenews (Economic Signs of the Times blog)

     The aim of this blog is to show (mostly from reports in mainstream respected news sources) that there is reason to believe that both the United States and the global economies remain fragile in the wake of the financial crisis of 2008 and that a number of threats exist today that could, if they worsened, bring about economic depression -- not just a minor depression, but a depression worse than the Great Depression. Key threats include excessive risk-taking by financial firms, unchecked by effective regulation; the continued existence of "too big to fail" institutions; and most especially, the amassing of levels of public and private debt which could become unsustainable.

Tuesday, July 18, 2017

Tuesday roundup (07-18-2017)

Eurozone on the ROCKS: Inflation PLUNGES further as ECB scrambles to save EU economy: EUROZONE inflation remains below target in an embarrassing development for the European Central Bank (ECB) which has pulled out all of the stops to kick the EU's economy into action. (The Express)

DAVID BLANCHFLOWER: The Fed's misleading view of the [United States] job market reflects 'a huge intellectual failure' (The Business Insider)

Student Debt Is a Major Reason Millennials Aren't Buying Homes: New York Fed economists blame student debt for homeownership woes (Bloomberg)

Latest health care bill collapses following Moran, Lee defections (CNN) Trump blindsided by implosion of GOP health care bill: While the president strategized with Republican lawmakers at the White House over steak, two senators were finalizing their statements tanking the current proposal. (Politico) GOP Tries to Regroup on Obamacare Repeal as Trump Lashes Out (Bloomberg)

[This was followed by a move simply to get rid of Obama care, with the result that:] GOP's repeal-only plan quickly collapses in Senate (The Hill) Two GOP senators to vote against ObamaCare repeal-only bill (The Hill) ‘Plan C’ on Obamacare, Repeal Now and Replace Later, Has Collapsed (The New York Times) 5 things Republicans have forgotten about governing (Marketwatch)

[Meanwhile,] Trump suggests Republicans will let ACA market collapse, then rewrite health law (The Washington Post)

[But then, just before the evening news, it was back to "Plan C":] McConnell: Senate [at the request of President Trump and Vice President Pence] to try to repeal ObamaCare next week (The Hill)

Trump’s grand promises to ‘very, very quickly’ repeal Obamacare run into reality (The Washington Post)

The coming Republican civil war over the budget resolution, explained [Vox via] (CNBC) House budget blueprint key to success of Trump tax agenda (The Associated Press)

Eighth man in Trump Tower meeting was linked to money laundering: Irakly Kaveladze, who met with Trump Jr. and Kushner, is linked to a Kremlin-friendly Russian oligarch through a network of shell companies. (Politico) Eighth person in Trump Tower meeting is identified (The Washington Post)

Trump and Putin Held a Second, Undisclosed, Private Conversation (The New York Times)

16 Things You Must Believe to Buy the ‘Witch Hunt’ Russia Narrative (National Review)

The Top Jobs in Trump’s Administration Are Mostly Vacant: Who’s to Blame? (The New York Times)

Trump Says He Has Signed More Bills Than Any President, Ever. He Hasn’t. (The New York Times)

Trump set out to uproot Obama's legacy. So far, that's failed (The Los Angeles Times)

Jeff Sessions Announces Justice Department Will Increase Asset Forfeiture: “No criminal should be allowed to keep the proceeds of their crime,” Sessions says of law that lets police take cash without charging anyone with a crime. (Reason blog) Jeff Sessions wants police to take more cash from American citizens (The Washington Post) White House dead wrong on asset forfeitures (The Washington Times)

Donald Trump's administration 'closes State Department office that investigates war crimes and genocide': Office of Global Justice has been working for 20 years to hold war criminals to account (The Independent) Tillerson to Shutter State Department War Crimes Office: Critics charge top U.S. diplomat with giving the green light to perpetrators of mass atrocities. (Foreign Policy)

Give Us Back Google News Classic Design #googlenews (Economic Signs of the Times blog)

     The aim of this blog is to show (mostly from reports in mainstream respected news sources) that there is reason to believe that both the United States and the global economies remain fragile in the wake of the financial crisis of 2008 and that a number of threats exist today that could, if they worsened, bring about economic depression -- not just a minor depression, but a depression worse than the Great Depression. Key threats include excessive risk-taking by financial firms, unchecked by effective regulation; the continued existence of "too big to fail" institutions; and most especially, the amassing of levels of public and private debt which could become unsustainable.

Monday, July 17, 2017

Monday roundup (07-17-2017)

New rules for banks may make crises worse, [European Union] stability agency says (Reuters)

France’s Macron to slash local government spending by €13 billion (France24)

Italian banks may take 10 years to fix bad debt issue: Morgan Stanley (Reuters)

New U.S. Subprime Boom, Same Old Sins: Auto Defaults Are Soaring (Bloomberg)

John McCain’s Recovery May Take Longer Than Expected, Dimming Prospects for GOP Health Bill (New York) Sen. John McCain's recovery is now a major factor in the GOP health-care debate (TheWeek)

How the White House and Republicans underestimated Obamacare repeal: The Trump team thought Congress would scrap the health law by late February. Nobody expected the effort to drag into the summer months. (Politico)

Outgoing Ethics Chief: U.S. Is ‘Close to a Laughingstock’ (The New York Times)

Meet the 5 Key Lawyers Advising President Trump on the Russia Scandal [Time via] (Yahoo! News)

Trump’s trade warrior prowls the West Wing: Peter Navarro has pulled the president so far right on trade that some aides worry about a global trade war. (Politico)

Trump’s Foreign Policy Meltdown: Undermining confidence and alienating allies, Trump has already undone years of American diplomacy. (The Nation)

     The aim of this blog is to show (mostly from reports in mainstream respected news sources) that there is reason to believe that both the United States and the global economies remain fragile in the wake of the financial crisis of 2008 and that a number of threats exist today that could, if they worsened, bring about economic depression -- not just a minor depression, but a depression worse than the Great Depression. Key threats include excessive risk-taking by financial firms, unchecked by effective regulation; the continued existence of "too big to fail" institutions; and most especially, the amassing of levels of public and private debt which could become unsustainable.

Sunday, July 16, 2017

Sunday roundup (07-16-2017)

Trump Has Lowest Six-Month Approval Rating of Any U.S. President in 70 Years (Slate blogs) 6 months in, a record low for Trump, with troubles from Russia to health care (POLL) (ABCNews)

Obamacare repeal bill plunges into new uncertainty: Senate Republicans have no timetable for a vote with John McCain recovering from surgery. But they might not be able to pass a bill even if he was in Washington. (Politico) McCain’s Surgery Will Delay Senate Votes on Health Care Bill (The New York Times)

Governors Give Chilly Reception to Health Bill Push (The New York Times)

States in crisis: Embroiled in the worst budget battles since the Great Recession (CNBC)

     The aim of this blog is to show (mostly from reports in mainstream respected news sources) that there is reason to believe that both the United States and the global economies remain fragile in the wake of the financial crisis of 2008 and that a number of threats exist today that could, if they worsened, bring about economic depression -- not just a minor depression, but a depression worse than the Great Depression. Key threats include excessive risk-taking by financial firms, unchecked by effective regulation; the continued existence of "too big to fail" institutions; and most especially, the amassing of levels of public and private debt which could become unsustainable.

Saturday, July 15, 2017

Saturday roundup (07-15-2017)

Britons face lifetime of debt as Bank of England warns over 35 year mortgages (The Telegraph)

Another Bout of Deflation Ahead [in the United States]?: Transitory special factors have been keeping prices down, but signs suggest some deeper factors at work, too. (Morningstar)

White House launches aggressive push to flip GOP governors opposed to Senate health bill (The Washington Post)

Justice Department appeals latest travel ban setback to Supreme Court (Politico)

Trump Family Values: Amid revelations of Donald, Jr.,’s misguided meeting with two Russians, the President shows once again where his only loyalties lie. (The New Yorker)

Is the most powerful lobbyist in Washington losing its grip? (The Washington Post)

What happened when Walmart left: In West Virginia, the people of McDowell County can’t get jobs, and recently lost their biggest employer – the local Walmart store. They describe the devastating loss of jobs, community and access to fresh food (The Guardian)

Another fleeing corporate giant: Connecticut is facing a business migration crisis [7/11] (CNBC)

Give Us Back Google News Classic Design #googlenews (Economic Signs of the Times blog)

     The aim of this blog is to show (mostly from reports in mainstream respected news sources) that there is reason to believe that both the United States and the global economies remain fragile in the wake of the financial crisis of 2008 and that a number of threats exist today that could, if they worsened, bring about economic depression -- not just a minor depression, but a depression worse than the Great Depression. Key threats include excessive risk-taking by financial firms, unchecked by effective regulation; the continued existence of "too big to fail" institutions; and most especially, the amassing of levels of public and private debt which could become unsustainable.

Friday, July 14, 2017

Friday roundup (07-14-2017)

Eurozone faces doom no matter how hard France and Germany try to save it, warns top investment bank (The Daily Mail)

Americans are cutting back on spending (CNNMoney) Americans are hoarding money in checking accounts (USAToday)

White House predicts budget deficit will hit $702 billion this year (The Associated Press)

Revised GOP healthcare bill succeeds at making things even worse (The Los Angeles Times) The new Senate health bill is terrible for anyone who is sick, has been sick, or will be sick: The revised Senate bill turns Obamacare into a high-risk pool. (Vox)

Trump set to bring in new attorney to manage response to Russia investigation (The Washington Post)

An ex-Soviet counterintelligence officer was in the Donald Trump Jr meeting (CNBC)

Columnist Charles Krauthammer Doubles Down On Trump Jr. Criticism: “This totally undermines a six-month story from the White House.” (The Huffington Post) Charles Krauthammer: 'Bungled Collusion Is Still Collusion' (Crooks and Liars blog)



Is This Fox News? Don Jr's Emails 'Badly Hurt Credibility Of Administration' (Crooks and Liars blog)






Trump’s Russian Laundromat: How to use Trump Tower and other luxury high-rises to clean dirty money, run an international crime syndicate, and propel a failed real estate developer into the White House. (The New Republic)

Illinois Budget That Saved It From Brink May Add to Pension Debt (Bloomberg)

Give Us Back Google News Classic Design #googlenews (Economic Signs of the Times blog)

     The aim of this blog is to show (mostly from reports in mainstream respected news sources) that there is reason to believe that both the United States and the global economies remain fragile in the wake of the financial crisis of 2008 and that a number of threats exist today that could, if they worsened, bring about economic depression -- not just a minor depression, but a depression worse than the Great Depression. Key threats include excessive risk-taking by financial firms, unchecked by effective regulation; the continued existence of "too big to fail" institutions; and most especially, the amassing of levels of public and private debt which could become unsustainable.

Thursday, July 13, 2017

Thursday roundup (07-13-2017)

Credit card defaults [in the UK] jump at fastest pace since end of Great Recession (The Telegraph)

A decade after Great Recession, 1 in 3 Americans still haven’t recovered (CNBC)

Yellen backtracks: 'We can never be confident there won't be another financial crisis' (CNBC)

Elizabeth Warren begs Janet Yellen to go after Wells Fargo board (CNNMoney)

New Senate Republican Health Plan Struggles to Win Over Critics (Time) Revised Senate health-care bill still lacks the votes to pass (The Washington Post) Senate Republicans one vote away from Obamacare repeal failure: GOP leaders unveiled a new plan to gut the health law, but it immediately ran into near-fatal opposition. (Politico) Rand Paul sounds ready to kill the Senate health care bill: “As far as I can tell, the new bill is the same as the old bill.” (Vox) The New Senate Health Care Bill Is Still An Assault On The Safety Net: Big Medicaid cuts and weakened protections for people with pre-existing conditions remain at its heart. (The Huffington Post)

Trump crafting plan to slash legal immigration: Senior aide Stephen Miller has been working with conservative senators to make good on Trump’s campaign promise. (Politico)

The Deep History of the Radical Right’s Stealth Plan for America: A Q&A with author Nancy McClean about the elusive James McGill Buchanan. (Moyers & Company)

What to do with a broken Illinois: Dissolve the Land of Lincoln (The Chicago Tribune)

Give Us Back Google News Classic Design #googlenews (Economic Signs of the Times blog)

     The aim of this blog is to show (mostly from reports in mainstream respected news sources) that there is reason to believe that both the United States and the global economies remain fragile in the wake of the financial crisis of 2008 and that a number of threats exist today that could, if they worsened, bring about economic depression -- not just a minor depression, but a depression worse than the Great Depression. Key threats include excessive risk-taking by financial firms, unchecked by effective regulation; the continued existence of "too big to fail" institutions; and most especially, the amassing of levels of public and private debt which could become unsustainable.

Is it a recovery yet? (Weekly report, 07-13-17)

A recovery would be indicated by weekly initial jobless claims holding below 500,000, according to Linda Duessel, market strategist at Federated Investors in Pittsburgh. (Reuters)

IT'S A RECOVERY! (And it has been a recovery for every week since the Nov. 25, 2009 report, with the exception of the Aug. 19, 2010 report.)

"Initial jobless claims in the period running from July 1 to July 8 dropped by 3,000 to a seasonally adjusted 247,000, the Labor Department said Thursday." (Marketwatch)

SEE LAST WEEK'S POST HERE.

     The aim of this blog is to show (mostly from reports in mainstream respected news sources) that there is reason to believe that both the United States and the global economies remain fragile in the wake of the financial crisis of 2008 and that a number of threats exist today that could, if they worsened, bring about economic depression -- not just a minor depression, but a depression worse than the Great Depression. Key threats include excessive risk-taking by financial firms, unchecked by effective regulation; the continued existence of "too big to fail" institutions; and most especially, the amassing of levels of public and private debt which could become unsustainable.

Wednesday, July 12, 2017

Wednesday roundup (07-12-2017)

I wouldn't rule out another financial crisis, says IMF’s Lagarde (CNBC)

Credit market a bigger systemic risk than during 2008 crisis: Bank of England (Reuters)

Post-crisis, US banks have recovered while their European peers are still looking for ways to survive (CNBC)

EU to closely watch France's reduction of deficit, debt: Moscovici (Reuters)

Brussels opens door to more budget flexibility for Italy (Reuters)

China's battle against debt to slow second quarter GDP growth to 6.8 percent (Reuters)

Canada's rate hike apt to jar heavily indebted consumers (Reuters)

[In the United States,] Yellen warns Congress to tackle debt in 'strongest possible terms' (The Washington Examiner)

Senate may vote on revised healthcare bill next week (Reuters) From hospitals, doctors and patients, a last gasp of opposition to the Senate health-care bill (The Washington Post)

Trump's choice to head FBI backs special counsel and promises independence (The Los Angeles Times)

White House aides feeling ‘helpless’ as Trump Jr. scandal explodes: As West Wing staff grapples with the latest Russia controversy, the president is fuming about the negative coverage. (Politico) ‘Category 5 hurricane’: White House under siege by Trump Jr.’s Russia revelations (The Washington Post) Trump Jr. delivers ‘smoking gun’ to Mueller: The email chain released by the president’s son shows an intent to collude with Russia, veteran prosecutors and white-collar defense attorneys say. (Politico) Donald Trump Jr. is an idiot [Editorial] (The New York Post) Did Donald Jr. Break the Law? (The New York Times)

How Kushner’s Security Clearance Form Led To The Russian Meeting Bombshell (Talking Points Memo) Trump-Russia investigators probe Jared Kushner-run digital operation (McClatchy Washington Bureau) Kushner under fire for role in meeting after Trump Jr. email release (CNN) Dem senator calls for Kushner to resign from White House (The Hill) Rancor at White House as Russia Story Refuses to Let the Page Turn (The New York Times)

Democrats Want to Know If Trump Quashed a Russian Money Laundering Case In Return for Dirt on Hillary Clinton (Mother Jones) Democrats Ask DOJ About Settlement Involving Trump-Linked Lawyer (Bloomberg)

Net Neutrality Day Of Protest: Tech Companies Come Together In Major Push To Save Internet Equality (International Business Times) SAVE THE OPEN INTERNET (NetNeutrality)

Illinois avoids downgrade to 'junk' -- for now (CNNMoney)

Give Us Back Google News Classic Design #googlenews (Economic Signs of the Times blog)

     The aim of this blog is to show (mostly from reports in mainstream respected news sources) that there is reason to believe that both the United States and the global economies remain fragile in the wake of the financial crisis of 2008 and that a number of threats exist today that could, if they worsened, bring about economic depression -- not just a minor depression, but a depression worse than the Great Depression. Key threats include excessive risk-taking by financial firms, unchecked by effective regulation; the continued existence of "too big to fail" institutions; and most especially, the amassing of levels of public and private debt which could become unsustainable.

Tuesday, July 11, 2017

Tuesday roundup (07-11-2017)

Earth's sixth mass extinction event under way, scientists warn: Researchers talk of ‘biological annihilation’ as study reveals billions of populations of animals have been lost in recent decades (The Guardian)

Credit card users [in the United States] rack up over $1 trillion in debt (CNBC)

Trump tees up the next financial crisis: The push to let loose even more gambling by Wall Street and the big banks gets a boost with an important nomination. (The Seattle Times)

Senate August Recess Delayed for Two Weeks as Health Care Sputters (NBCNews) The Republican Party's quest to repeal Obamacare is on the verge of collapse (CNN)

Donald Trump Jr.'s emails send shock waves throughout Washington (CNBC) These are the emails connecting Donald Trump Jr. and a Russian government attorney (CNBC)




Sen. Graham: If A Foreign Govt Offers To Help Your Campaign, 'The Answer Is No' (Crooks and Liars blog)



US high school student scores Mattis interview scoop (Agence France Presse) Full transcript: Defense Secretary James Mattis’ interview with The Islander (The Islander)

Thyssenkrupp plans jobs cuts of up to 2,500 (Marketwatch)

Cook County to cut 1,100 jobs due to soda tax delay (ABC7Chicago)

Private Prisons Operator CoreCivic Laying Off 500-Plus Workers Across Texas: Formerly known as Corrections Corporation of America, the company is laying off workers in Jack, Willacy and Rusk counties. (Patch)

Give Us Back Google News Classic Design #googlenews (Economic Signs of the Times blog)

     The aim of this blog is to show (mostly from reports in mainstream respected news sources) that there is reason to believe that both the United States and the global economies remain fragile in the wake of the financial crisis of 2008 and that a number of threats exist today that could, if they worsened, bring about economic depression -- not just a minor depression, but a depression worse than the Great Depression. Key threats include excessive risk-taking by financial firms, unchecked by effective regulation; the continued existence of "too big to fail" institutions; and most especially, the amassing of levels of public and private debt which could become unsustainable.

Monday, July 10, 2017

Monday roundup (07-10-2017)

Central Bankers Think Their Job Is Done Fixing the Global Economy. Why Are They Still Letting Greece Suffer? (Slate blogs)

Bank of England warns it will go after firms looking to mask risks: Some lenders are taking more risks and are seeking to ‘circumvent the spirit’ of the regulations, says deputy governor (The Guardian)

[In the United States,] Consumers Ramp Up Borrowing as Outstanding Debt Hits $3.84T: American consumers ramped up borrowing in May, according to a new report from the Federal Reserve. (US News & World Report) US consumer credit up $18.4 billion in May, most in 6 months (The Associated Press)

Trump Jr. Was Told in Email of Russian Effort to Aid Campaign (The New York Times) Trump team met with Russian lawyer during campaign (CNN) Trump Jr. hires lawyer for Russia probes (The Hill)

Comey friend: Flynn memo was not classified (Politico)

ACLU sues Trump over election integrity commission (Politico)

Attack, Attack, Attack: Why does Trump double-down every time it seems like he should retreat? Because Steve Bannon is back in his boss’s good graces. (New York)

Big financial woes linger in Illinois' new budget (Reuters)

Give Us Back Google News Classic Design #googlenews (Economic Signs of the Times blog)

     The aim of this blog is to show (mostly from reports in mainstream respected news sources) that there is reason to believe that both the United States and the global economies remain fragile in the wake of the financial crisis of 2008 and that a number of threats exist today that could, if they worsened, bring about economic depression -- not just a minor depression, but a depression worse than the Great Depression. Key threats include excessive risk-taking by financial firms, unchecked by effective regulation; the continued existence of "too big to fail" institutions; and most especially, the amassing of levels of public and private debt which could become unsustainable.

Sunday, July 9, 2017

Sunday roundup (07-09-2017)

Trump touts G-20 summit as ‘great success’ for US (The Hill) [versus] Australian reporter tears into Trump’s performance at G-20 (Yahoo! News)




Republicans voice growing doubts on U.S. healthcare bill's fate (Reuters) McCain: GOP health care bill 'probably' will die (CNN)

Comey’s private memos on Trump conversations contained classified material (The Hill)

Canadians brace for higher interest rates after years of cheap debt (Reuters)

Give Us Back Google News Classic Design #googlenews (Economic Signs of the Times blog)

     The aim of this blog is to show (mostly from reports in mainstream respected news sources) that there is reason to believe that both the United States and the global economies remain fragile in the wake of the financial crisis of 2008 and that a number of threats exist today that could, if they worsened, bring about economic depression -- not just a minor depression, but a depression worse than the Great Depression. Key threats include excessive risk-taking by financial firms, unchecked by effective regulation; the continued existence of "too big to fail" institutions; and most especially, the amassing of levels of public and private debt which could become unsustainable.

Saturday, July 8, 2017

Saturday roundup (07-08-2017)

At G-20, world aligns against Trump policies ranging from free trade to climate change (The Washington Post)

'He Is a Very Straightforward Person.' Vladimir Putin Praises Trump's Negotiating Skills (The Associated Press)

Trump Handed Putin a Stunning Victory: From his speech in Poland to his two-hour summit in Hamburg, the president seemed determined to promote Russia’s dark and illiberal view of the world. (Politico)

G.O.P. Support of Senate Health Repeal Erodes During Break (The New York Times) Time away from Washington deepens GOP misgivings about health plan: Corralling 50 votes looks even more daunting in the run-up to August recess. (Politico)

Give Us Back Google News Classic Design #googlenews (Economic Signs of the Times blog)

     The aim of this blog is to show (mostly from reports in mainstream respected news sources) that there is reason to believe that both the United States and the global economies remain fragile in the wake of the financial crisis of 2008 and that a number of threats exist today that could, if they worsened, bring about economic depression -- not just a minor depression, but a depression worse than the Great Depression. Key threats include excessive risk-taking by financial firms, unchecked by effective regulation; the continued existence of "too big to fail" institutions; and most especially, the amassing of levels of public and private debt which could become unsustainable.

Friday, July 7, 2017

Friday roundup (07-07-2017)

EU Rescue Fund Approves 8.5 Billion-Euro Aid Payout for Greece (Bloomberg) GREEK CRISIS: Huge pessimism as many believe economy may NEVER get better, poll reveals: GREEK citizens have grave concerns about their futures as the country continues to try to recover from the ongoing financial crisis, a new poll has revealed. (The Express)

UK economy suffers triple blow as trade deficit widens, industrial output falls and construction slows (The Telegraph)

How American Presidents Used to Speak Overseas: The president’s speech in Warsaw was notable for its seeming indifference to the American idea. (The Atlantic) An International Brotherhood of White Grievance: Trump's alt-right speech in Poland redefined the West in nativist terms, eschewing democratic idealism in favor of "blood and soil" nationalism. (The New Republic) The Racial and Religious Paranoia of Trump's Warsaw Speech: When the president says being Western is the essence of America’s identity, he’s in part defining America in opposition to some of its own people. (The Atlantic) Trump's speech in Warsaw (full transcript, video) (CNN)

GOP health care efforts lack a clear path forward as Congress returns (PBSNewshour) McConnell threatens to go rogue on health bill (CNBC)



Sears to close 43 more stores (CNNMoney)

Give Us Back Google News Classic Design #googlenews (Economic Signs of the Times blog)

     The aim of this blog is to show (mostly from reports in mainstream respected news sources) that there is reason to believe that both the United States and the global economies remain fragile in the wake of the financial crisis of 2008 and that a number of threats exist today that could, if they worsened, bring about economic depression -- not just a minor depression, but a depression worse than the Great Depression. Key threats include excessive risk-taking by financial firms, unchecked by effective regulation; the continued existence of "too big to fail" institutions; and most especially, the amassing of levels of public and private debt which could become unsustainable.

Thursday, July 6, 2017

Thursday roundup (07-06-2017)

France risks sovereign debt shock: Bank of France (Marketwatch)

'Disrespecting the rules!' Eurozone crisis veteran’s fury at Italy’s 'troubling' bank bail: A veteran of the European banking crisis has criticised Italy’s bank bailouts branding its flouting of rules and the acquiescence of Brussels as ‘troubling.’ (The Express)

U.S. housing finance system 'unsustainable': Fed's Powell (Reuters)

The Trump Administration’s Voter-Suppression Plans Are Backfiring Badly: In an unprecedented show of bipartisan resistance, 48 states are refusing to hand over private voter data to Kris Kobach. (The Nation) Voter fraud commission may have violated law (The Hill)

Bannon’s back: Happiest person in Trump West Wing (Axios)

Perry mocked for incorrect use of 'supply and demand' (The Hill) Rick Perry offered a ‘little economics lesson.’ It didn’t go so well. (The Washington Post)

19 Dem attorneys general sue DeVos over rescinded student loan protections (The Hill)

Illinois finally gets a budget -- but it's still in big financial trouble (CNNMoney)

Microsoft to Cut Up to 4,000 Sales and Marketing Jobs (The New York Times)

Give Us Back Google News Classic Design #googlenews [updated] (Economic Signs of the Times blog)

     The aim of this blog is to show (mostly from reports in mainstream respected news sources) that there is reason to believe that both the United States and the global economies remain fragile in the wake of the financial crisis of 2008 and that a number of threats exist today that could, if they worsened, bring about economic depression -- not just a minor depression, but a depression worse than the Great Depression. Key threats include excessive risk-taking by financial firms, unchecked by effective regulation; the continued existence of "too big to fail" institutions; and most especially, the amassing of levels of public and private debt which could become unsustainable.

Is it a recovery yet? (Weekly report, 07-06-17)

A recovery would be indicated by weekly initial jobless claims holding below 500,000, according to Linda Duessel, market strategist at Federated Investors in Pittsburgh. (Reuters)

IT'S A RECOVERY! (And it has been a recovery for every week since the Nov. 25, 2009 report, with the exception of the Aug. 19, 2010 report.)

"Initial jobless claims in the period running from June 25 to July 1 increased 4,000 to a seasonally adjusted 248,000, the government said Thursday." (Marketwatch)

SEE LAST WEEK'S POST HERE.

     The aim of this blog is to show (mostly from reports in mainstream respected news sources) that there is reason to believe that both the United States and the global economies remain fragile in the wake of the financial crisis of 2008 and that a number of threats exist today that could, if they worsened, bring about economic depression -- not just a minor depression, but a depression worse than the Great Depression. Key threats include excessive risk-taking by financial firms, unchecked by effective regulation; the continued existence of "too big to fail" institutions; and most especially, the amassing of levels of public and private debt which could become unsustainable.

Wednesday, July 5, 2017

Wednesday roundup (07-05-2017)

ECB not yet reassured on sustainability of Greek debt: Coeure (Reuters)

Britain faces an 'explosive debt trajectory' in the next 50 years if it ends austerity (The Business Insider)

You'd turn Britain into GREECE: May's stern warning to Corbyn as he refuses to face DEBT: THE PRIME MINISTER evoked Greece as a bleak reminder of the perils of overspending as she lashed Jeremy Corbyn over his plans to enlarge the UK's debt pile. (The Express)

Almost eight in ten graduates [in the UK] will never pay back their full student loan, report finds (The Telegraph)

What Trump Gets Right About the Middle East: The president has made plenty of unforced foreign policy errors. But in the Middle East, he seems to grasp what the United States can achieve and, importantly, what it cannot. (Politico)

Some Trump supporters thought NPR tweeted ‘propaganda.’ It was the Declaration of Independence. (The Washington Post) Trump fans offended by NPR’s Declaration of Independence tweets (The New York Daily News)

Trump’s Offshore Oil Push Risks Disaster, BP Spill Commissioners Warn: The 2010 explosion of the Deepwater Horizon rig dumped millions of barrels of crude into the Gulf of Mexico and killed 11 workers. (The Huffington Post)

Here’s the Full List of Donald Trump’s Executive Orders (NBCNews)

After tax hike and budget votes, Illinois avoids credit downgrade to junk for now (The Chicago Tribune) Illinois may get downgraded to junk despite budget deal (CNNMoney)

Monte Paschi to Reduce 5,500 Jobs, Assets in Rescue Plan (Bloomberg)

Give Us Back Google News Classic Design #googlenews (Economic Signs of the Times blog)

     The aim of this blog is to show (mostly from reports in mainstream respected news sources) that there is reason to believe that both the United States and the global economies remain fragile in the wake of the financial crisis of 2008 and that a number of threats exist today that could, if they worsened, bring about economic depression -- not just a minor depression, but a depression worse than the Great Depression. Key threats include excessive risk-taking by financial firms, unchecked by effective regulation; the continued existence of "too big to fail" institutions; and most especially, the amassing of levels of public and private debt which could become unsustainable.

Tuesday, July 4, 2017

Tuesday roundup (07-04-2017)

French PM warns of more cuts to tackle country's debt 'volcano': Edouard Philippe vows to end public spending ‘addiction’ and launch €50bn infrastructure investment programme (The Guardian)

EU clears Italy's $6 billion state bailout for Monte dei Paschi (Reuters) Italy Formally Takes Control of Monte dei Paschi (Dow Jones Newswires)

In debt? Reckless banks [in the UK] will STILL offer you a loan: Lenders are failing to carry out basic checks on new customers (The Daily Mail)

Jim Chanos: U.S. Economy is Worse Than You Think: The famed short-seller offers a mid-2017 reality check for “fake fiscal news,” economic pipe dreams, and “portents of even worse things” (Institute for New Economic Thinking)

U.S. Image Suffers as Publics Around World Question Trump’s Leadership: America still wins praise for its people, culture and civil liberties [June 26] (Pew Research Center)

Trump's next attack on democracy: mass voter suppression: The Trump administration’s ‘election integrity’ commission is declaring war on voters – our democratic legitimacy be damned [June 30] (The Guardian)

After Years of Growth, Automakers Are Cutting U.S. Jobs (The New York Times)

Give Us Back Google News Classic Design #googlenews (Economic Signs of the Times blog)

     The aim of this blog is to show (mostly from reports in mainstream respected news sources) that there is reason to believe that both the United States and the global economies remain fragile in the wake of the financial crisis of 2008 and that a number of threats exist today that could, if they worsened, bring about economic depression -- not just a minor depression, but a depression worse than the Great Depression. Key threats include excessive risk-taking by financial firms, unchecked by effective regulation; the continued existence of "too big to fail" institutions; and most especially, the amassing of levels of public and private debt which could become unsustainable.

Monday, July 3, 2017

Monday roundup (07-03-2017)

Justice Official Quits Over White House Conduct ‘I Would Not Tolerate Seeing In A Company’: “Trying to hold companies to standards that our current administration is not living up to was creating a cognitive dissonance that I could not overcome.” (The Huffington Post) Mission Matters (LinkedIn)

Give Us Back Google News Classic Design #googlenews (Economic Signs of the Times blog)

     The aim of this blog is to show (mostly from reports in mainstream respected news sources) that there is reason to believe that both the United States and the global economies remain fragile in the wake of the financial crisis of 2008 and that a number of threats exist today that could, if they worsened, bring about economic depression -- not just a minor depression, but a depression worse than the Great Depression. Key threats include excessive risk-taking by financial firms, unchecked by effective regulation; the continued existence of "too big to fail" institutions; and most especially, the amassing of levels of public and private debt which could become unsustainable.

Sunday, July 2, 2017

Sunday roundup (07-02-2017)

[In the United States, President Donald] Trump posts a video of himself pummeling a man with CNN logo on his face (Politico) President Trump locks heads with news media in a social media first (The Washington Post)

Counseled by Industry, Not Staff, E.P.A. Chief Is Off to a Blazing Start (The New York Times)

Half of Americans are spending their entire paycheck (or more) (CNNMoney)

All eyes on July for U.S. oil demand to drain glut (Reuters)

Burger Costs Hit a 3-Year Low Ahead of Independence Day (Bloomberg)

June 2016: Unofficial Problem Bank list declines to 137 Institutions, Q2 2017 Transition Matrix (Calculated Risk blog)

Illinois blows budget deadline as threat of downgrade looms: Lawmakers remain deadlocked with the state hurtling toward a 'junk' rating. (Politico)

Microsoft is [reportedly considering] laying off ‘thousands’ of staff in a major global sales reorganization (TechCrunch)

Give Us Back Google News Classic Design #googlenews (Economic Signs of the Times blog)

     The aim of this blog is to show (mostly from reports in mainstream respected news sources) that there is reason to believe that both the United States and the global economies remain fragile in the wake of the financial crisis of 2008 and that a number of threats exist today that could, if they worsened, bring about economic depression -- not just a minor depression, but a depression worse than the Great Depression. Key threats include excessive risk-taking by financial firms, unchecked by effective regulation; the continued existence of "too big to fail" institutions; and most especially, the amassing of levels of public and private debt which could become unsustainable.

Saturday, July 1, 2017

Saturday roundup (07-01-2017)

Cabinet ministers [in the UK] tell May to end austerity: Observer (Reuters)

[In the United States,] Illinois races the clock to avoid 'junk' downgrade (CNNMoney)

Give Us Back Google News Classic Design #googlenews (Economic Signs of the Times blog)

     The aim of this blog is to show (mostly from reports in mainstream respected news sources) that there is reason to believe that both the United States and the global economies remain fragile in the wake of the financial crisis of 2008 and that a number of threats exist today that could, if they worsened, bring about economic depression -- not just a minor depression, but a depression worse than the Great Depression. Key threats include excessive risk-taking by financial firms, unchecked by effective regulation; the continued existence of "too big to fail" institutions; and most especially, the amassing of levels of public and private debt which could become unsustainable.

Friday, June 30, 2017

Friday roundup (06-30-2017)

The 23 countries with the highest levels of debt to GDP (The Business Insider)

Greek central bank cuts growth outlook, warns of risks from debt pile (Reuters)

America is hooked on credit cards — and it's pretty clear why (The Business Insider)

Trump further disrupts Obamacare repeal efforts: His tweet that Senate Republicans should repeal the law without a replacement could upend already-faltering negotiations. (Politico) Now Trump Is Suggesting Maybe The Senate Should Repeal First, Replace Later: It’s a presidential tweet, so take it seriously at your own risk. (The Huffington Post) Don’t sugarcoat this. Trump just called for 32 million people to lose health coverage. (The Washington Post) Senate GOP: Repeal then replace isn't happening (Axios)

Trump's considering a tariff that could put the economy on a path to 'global recession' (The Business Insider) Trump overrules cabinet, plots global trade war (Axios)

How Trump is doing on keeping 10 key promises (CNBC)

Present at the Destruction: How Rex Tillerson Is Wrecking the State Department: I worked in Foggy Bottom for 6 years. I’ve never seen anything like this. (Politico)

Give Us Back Google News Classic Design #googlenews (Economic Signs of the Times blog)

     The aim of this blog is to show (mostly from reports in mainstream respected news sources) that there is reason to believe that both the United States and the global economies remain fragile in the wake of the financial crisis of 2008 and that a number of threats exist today that could, if they worsened, bring about economic depression -- not just a minor depression, but a depression worse than the Great Depression. Key threats include excessive risk-taking by financial firms, unchecked by effective regulation; the continued existence of "too big to fail" institutions; and most especially, the amassing of levels of public and private debt which could become unsustainable.

Give Us Back Google News Classic Design #googlenews

*   *   *   *   *   *   * 

July 6 update: Since the redesign of Google News, I felt that visiting its home page would be lending support to a design that I found appalling. So I have stayed away from the Google News homepage, except to check in periodically to see if it has been returned to what it was. It has not. What I saw during a visit today is that Google appears to have begun addressing some of the issues raised below. The thin, small, difficult-to-read designer typeface has been replaced with a larger, thicker, very-easy-to-read typeface. The font is no longer an issue. Individual cards seem to carry the headlines of quite a few stories as opposed to cards in the early days of the redesign which seemed to have only two or three headlines. Other issues have yet to be addressed, such as restoring the summary paragraph below the lead headline and reinstating the filmstrip that showed both related videos and other news stories; these were very helpful features that made Google News outstanding. However, I regard the progress already in evidence as hopeful signs that they want to make a web page that will serve the needs of readers, and if the page continues to move back toward the excellent service once provided, I stand ready to embrace Google News once again. I'm not quite there yet.

*   *   *   *   *   *   *

I am someone who visited Google News several times a day for years to see what was happening in my country and in the world. It was an exceedingly well-designed resource for people who wanted to know what was going on in the world from multiple sources and who wanted to see this wide choice of sources at a glance.

Google has now redesigned the News home page in a way that I find completely user unfriendly (Google blogs).

The sentence or paragraph that used to summarize the lead story in each section (what is now a "card") has been eliminated. The value of that summary was that when you read it, together with all the other headlines in that section, you used to be able to get a good idea of what a story was about and you used to get a good idea of what story you might like to click on in order to read more. Now you can only guess at a news story's content from the few words of its headline. It is as if suddenly all the depth and richness of the Google News home page had been utterly gutted and trashed.

The number of headlines featured in each section seems to be smaller for most "cards" than was the case with the old sections. The decision to put only a very few headlines in a "card" and to force readers who want to know more to go off the home page for a larger collection of headlines is not at all what I wanted. It is so wasteful of time.

The scrollable film strip of news stories and videos has been removed. Hovering over that strip, you could see more headlines or you could click to view a video. And you could do all this without leaving the home page. This was a wonderful and very effective resource. It offered the choice of more sources and more points of view right at your fingertips.

The new font is not so readable as the old font. It seems less bold, less thick, less large.

All of these changes combined mean that one has to spend way more time on the Google News page getting way less satisfaction. It is a struggle to find things that one found easily before, if they can be found now at all.

The only reason I visit the Google News home page now is to see if the old format has been restored yet.

Google, please give us back the old design. I am not alone in asking this. It depresses me every time I think of what we have lost through this new unwanted format. I keep wanting to go to the old Google News, but I can't find it anywhere.



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FURTHER COMMENTS

What happened to the Classic view for Google News? [hundreds of denunciations of the new format at an official Google message board] (Google News Help Forum)

Google News redesign unsurprisingly angers everyone (memeburn)

Google News Redesign: Why All the White Space? [scores of denunciations] (Reddit)

How to revert the new google news [= you can't] (Reddit)

Google News gets a much-needed redesign to cut down on clutter and confusion [scathing comments] (Reddit)

Opinion: Google Unleashes Terrible New Update For Google News Upon the Net (Slashdot)

HOW TO CHANGE BACK TO OLD GOOGLE NEWS FORMAT [= you can't] (Youtube)